Weekly Mortgage Market Update – 15 March 2010

Lloyds Banking Group have made a market leading announcement today, they wish to help customers take full advantage of today’s low interest rate environment. So with effect from Saturday 13th March they changed the overpayment concessions on Halifax, BM Solutions and Cheltenham & Gloucester mortgages.

The overpayment concession has been doubled from 10% to 20% until 31st March 2011. During this time clients can pay up to 20% of their variable rate loan balance without incurring an early repayment charge (ERC).  This market leading proposition is available to Halifax, BM Solutions and Cheltenham & Gloucester and offers both your new and existing clients a fantastic opportunity to make significant savings on their mortgage.

Now cynical readers may wish to consider why Lloyds Banking Group are taking this step could it be that as a group they are desperate to get funds into the organisation – food for thought?

Santander (Abbey and Alliance & Leicester) have announced that 80% of their business comes through Mortgage Brokers the remaining 20% is direct through Branches.

Gordon Brown announces the Budget will be on the 24^th March

The Coventry and Shroud & Swindon Building Societies – the 3^rd and 11^th biggest respectively – have announced talks of a merger.

Andrew Fowler worked for Limetree Financial Services until December 2010. Feel free to contact another member of our team for help or advice.

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